Pros and Cons About New Townhomes in New Jersey

Townhomes in New Jersey offer buyers the best of both worlds: the security and convenience of condominium living and the spaciousness of single-family homes. But they are not without disadvantages. Before you look for a new townhome for your family or for yourself, consider these pros and cons.

Pros

1. Affordability

Compared to single-family homes, townhomes in New Jersey are more affordable. This is because developers spend less on constructing townhome units with shared walls than they do on detached homes. Thus, these properties are great options for those who are looking to invest in their first home, those who want to downsize, as well as buyers who don’t want to tie up their money on housing.

2. Low-maintenance

In townhomes, you don’t have to worry about pulling weeds and mowing the lawn. In fact, any external maintenance and issues will be handled by the HOA.

3. Convenient location

Developers of townhomes cater to young families and professionals. That’s why they built in areas where people would enjoy an easy commute to schools, offices, and recreational facilities in the city.

Cons

1. Townhome financing is different

Townhomes in New Jersey are more affordable. But how much savings you’ll enjoy will depend on the type of mortgage plan you choose. Some lenders don’t treat townhome mortgages like traditional mortgages. You may find it difficult for your loan to get approved, or the interest rate may be higher. Before closing the deal with the developer, shop for lenders. Some developers can also recommend partner lenders who can give you excellent rates.  

2. HOA fees

You are required to pay HOA fees monthly for the maintenance of your lawn, yard, and shared amenities. Don’t forget to account for this before deciding to purchase a townhome.

To find the best townhome for you, look for the communities built by award-winning developers. Check the background of the builder, the floorplans, included features, payment plans, and the fine prints of their townhomes they offer before making your final decision.